Research suggests brokers move cases quickly, but third-party processes drive the longest waits
Most first-time buyers say they are satisfied with the speed of their broker-led mortgage process, according to new research by Boon Brokers.
The study, based on first-time buyers who purchased a home in the past 12 months and used a broker, examines overall broker efficiency across the UK rather than individual firms.
After an initial enquiry, 44% of respondents said they waited one to two days for a consultation, while 31% waited three to five days and 11% waited six to 10 days. Only 6% reported a same-day consultation.
From consultation to agreement in principle (AIP), 46% said they received an AIP within one to two days. A further 30% reported three to five days, 11% said six to 10 days, and 10% received an AIP on the same day.
Once a property offer was accepted, 47% said their broker submitted the full mortgage application within one to two days. A further 28% reported three to five days, 11% said six to 10 days, and 9% said it was submitted the same day. Only 6% waited more than 10 days.
Following submission of the full mortgage application, 11% said they received a mortgage offer within seven days. A further 35% waited eight to 14 days, 29% waited 15 to 21 days, and 26% waited more than 21 days.
Across the full period from enquiry to mortgage offer, 43% said the process took 15 to 30 days, while 37% reported 31 to 60 days. Only 10% said they received an offer within 14 days.
Source: Boon Brokers
On processing speed, 25% of respondents were very satisfied and 53% somewhat satisfied, while 16% were neutral and 5% dissatisfied.
The research by Boon Brokers also indicated differences by gender, age and location. Female respondents recorded faster timelines than male respondents across each stage measured. Older first-time buyers generally reported longer waits than younger participants, particularly among those aged 45 to 54 and those aged 65 and over.
By city, consultations were booked fastest in Bristol, AIPs were produced quickest in Birmingham, and full mortgage applications were submitted fastest in Sheffield. Birmingham-based respondents reported the most efficient overall service, measured by time from enquiry to offer.
“The research demonstrates a positive performance from mortgage brokers across the UK in guiding first-time buyers through their mortgage journey,” said Gerard Boon (pictured right), managing director at Boon Brokers. “At each stage of the process, brokers are delivering impressive speed, with many buyers progressing in just a few days to each milestone.
“From initial enquiry to application submission, most first-time buyers move quickly, highlighting the efficiency of mortgage brokers in managing documentation, liaising with lenders, and organising their cases. Nearly half of first-time buyers complete crucial early stages of the mortgage process within 48 hours, highlighting a responsive and proactive service.”
Boon pointed out that while longer timeframes occur after full mortgage applications are submitted, these delays may be driven by third parties such as underwriters and surveyors. “Mortgage brokers are reliant on the efficiency of these parties to provide a quick turnaround time for their clients,” he added.
“Crucially, client satisfaction is high, with nearly eight in 10 buyers satisfied with the efficiency of their service. This underlines the value of brokers for their first-time buyer clients and may help explain why over 75% of residential mortgage sales are intermediated via brokers.
“Overall, it’s clear that mortgage brokers play a vital role in ensuring an efficient service for first-time buyers throughout their homebuying experience.”
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